ServiceOverview
Money Laundering refers to the procedures of making money obtained by the means of illegal activities appear “legitimate”. Money laundering activities profess immense risk to organisations. in terms of compliance, risk and governance activities. Anti-Money Laundering (AML) helps in effective risk management to identify customer and third-party risk covering every line of business and operations in the BFSI sector.
- Implication in money laundering activities can seriously damage the reputation of banks, in addition to penalties imposed by regulatory bodies
- Banks and financial institutions must invest in AML solutions to mitigate risks arising from fraudulent transactions and compliance failures
- Anti-Money Laundering activities today consist of mainly technology solutions that can trace the trail of the money and people involved
Why Choose Us?
Testhouse’s Anti Money Laundering solutions uniquely combine our knowledge of the AML environment and our expertise in regulatory procedures. By using our solutions, BFSI institutions can achieve a higher level of AML compliance and institute effective and efficient approaches in risk analysis and control mechanisms. This will enable them to proactively mitigate risks and ensure regulatory compliance.
- Testhouse’s AML solutions are at the forefront of all governance, risk and compliance services and solutions we offer in the BFSI sector
- We count a number of major banks among our AML solution customers. Many of those are large banking conglomerates in the Middle East.
Testhouse's Anti-Money Laundering solutions offer mitigation of risk through a series of steps that start from the on-boarding of the banking customer. Our solutions will help clients to:
- Ensure client onboarding stay compliant with regulatory demands by appropriate screening and risk weightages
- Monitor Risk and Transactions for politically exposed person (PEP) that has been flagged in the KYC screen
- Ensure up to date country risk rating and jurisdictional risk assessment monitor all suspicious transactions for possible location based risk
- Ensure Customer due diligence procedures and policies based on the risk exposure and money laundering risks
- Ensure end to end customer identity verification (KYC)
- Ensure customers are screened against sanctioned lists and cases can be created against any Possible or Exact matches
- Ensure the Rules/Scenarios cover all business lines, regions, customer entities, etc.
- Ensure all source systems are integrated with AML and appropriate data mapping is achieved
- Ensure capability to integrate with other financial crimes solutions implemented by the financial institution
- Monitor Internal STR, CTR and Cases created against suspicious customers
Key points considered while performing AML testing:
- Rules/Scenarios: Inventory of standard scenarios in the system and the ability to modify the existing scenarios or add new ones
- Blacklist Screening: To scan single or multiple blacklists to validate all transaction data against the SDN with principal global blacklists of OFAC, EU and Financial Institution specific blacklist and has ready interfaces available with non-regulatory blacklists like World Check, World Compliance and other watch lists. The customer shall be filtered/screened on the basis of 4 parameters: Name, DOB (Individual)/Date of Incorporation (Corporate), Passport (IDENTIFICATIONVAL1), County / Nationality
- Online and Offline Transaction Monitoring: Offline Transactions are to be monitored against a set of predefined static & dynamic scenarios specified and generate rule violation alerts for all the violated customers. Scenarios can be executed on daily, monthly, weekly and yearly basis. Online real-time transactions to be monitored against sanctioned countries, SDN Names, BIC and Free Text
- Case Management: Ensuring that each alert for the violated customer is investigated and a case is reported if required. Case can also be created manually based on a customer name or the transactions. Suspicious transaction reporting [STR] is carried out for suspicious customers and can be reported externally
- Analysis and Intelligence: Identify the risks and classify customers to high/medium/low based on the predefined system parameters
- User Roles and Access: Monitoring with various user roles which are created in the application and ensuring module wise access permissions to a user. Customer segmentation capabilities also plays an important role.
- Reporting and MIS: Reporting capabilities beyond the standard suspicious activity report and currency transaction report and Verifying and validating the various Management Information System reports.
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Testhouse's AML Assurance Solutions
Anti-Money Laundering Solutions are Imperative to Mitigate Risks and Ensure Compliance
Testhouse can help banks and financial institutions mitigate risk and ensure regulatory compliance by providing them with high-quality Anti-Money Laundering solutions based upon principles laid out by regulatory bodies.
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